The Delhi High Court on Thursday dismissed a plea filed by former CEO of National Stock Exchange Chitra Ramkrishna, challenging the constitutional validity of definitions of public duty and public servant under the Prevention of Corruption Act. [2026 LiveLaw (Del) 637]

A division bench comprising Justice Navin Chawla and Justice Ravinder Dudeja also rejected Ramakrishna's submission against the sanction order granted under the PC Act to prosecute her in relation to the co-location scam case being probed by the Central Bureau of Investigation.

“We have rejected your submissions on the sanction order. We do not find any merit in the petition. The same is accordingly dismissed,” the Court said while dismissing the plea.

A detailed order is awaited.

Ramakrishna was granted default bail by the High Court in September 2022. CBI's challenge to the same was rejected by the Supreme Court in February 2023.

The FIR was registered by CBI under sections 120B and 204 of Indian Penal Code, Sections 7, 12, 13(2) read with 13(1)(d) of the Prevention of Corruption Act and Section 66 of the Information Technology Act.

CBI is probing an alleged improper dissemination of information from the computer servers of the market exchange to the stockbrokers.

According to CBI, it was alleged that the probe revealed that Ramkrishna allegedly hired Subramanian as consultant in NSE without following the due procedure and also by coercing the HR Department.

Subramaniam, Ramkrishna and former CEO Ravi Narain were showcaused by the Security and Exchange Board of India (SEBI) for various corporate governance lapses.

CBI had thereafter arrested Ramkrishna and a Special Court had sent her to the custody.

SEBI had levied penalties on Ramkrishna and others for violating rules while appointing Subramaniam as Chief Strategic Advisor.

It was alleged by the probe agency that Chitra in conspiracy with Subramanian influenced the NSE officials to facilitate him in having access to important decision making processes.

Title: Chitra Ramakrishna v. UNION OF INDIA & ANR

Citation: 2026 LiveLaw (Del) 637